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Macquarie Infrastructure Corporation

Macquarie Infrastructure Corp. (MIC) Accused of Hiding Its Dependence on Heavy Residual Oils From Investors

According to the complaint, Macquarie Infrastructure Corp. (MIC) repeatedly assured investors that its most important segment-IMTT-experienced stable performance and high utilization rates. Macquarie never disclosed to investors that it depended on heavy residual oils—which had been in decline due to environmental concerns and the development of alternative fuel sources—and downplayed its exposure to fluctuations in the use of petroleum products. On February 21, 2018, Macquarie announced disappointing fourth quarter earnings of $0.43 per share, well short of analysts’ estimate of $0.51 per share, and that the company would be slashing its dividend by 31%. Macquarie cited the loss of “half a dozen” contracts at its Louisiana storage facility due to a decline in heavy residual oils. On this news, Macquarie’s stock fell over 41% to close at $37.41 per share on February 22, 2018, and has yet to regain its value.

Macquarie Infrastructure Corp. (MIC) Shareholders Have Legal Options

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